News headlines – Wednesday 31 July

Economic

Barclays has launched a £5.8bn rights issue in a bid to plug an estimated £12.8bn capital shortfall.  This is due to the bank being under pressure from new global rules that seek to rein in risk in the global banking system.  It is the fourth biggest rights issue by a bank in UK history.

 

PF

Santander has managed to get a total of 130,800 to switch current accounts in the first half of this year.  Their 1/2/3 account promises high interest rates and a total of 600,000 people applied.  These high interest rates have eaten into profits and the bank has reported that the profits have fallen by 20% in the six months to June.

ONS survey found that people on the verge of retirement are the most anxious in Britain.  Steve Lowe of Just Retirement said Financial pressure such as repaying outstanding mortgage and other debt, generating sufficient retirement income and planning for long-term care can all contribute to anxiety.  The Government have expressed repeated concern about this.

 

PPI claims are now on average 2000 per day, down from a high of 3,000 – FOS figures,

 

Property

Campaigners yesterday failed in their attempt to have the Governments bedroom tax ruled illegal.  The policy which financially penalises social housing tenants with spare rooms is designed to encourage people on benefits to downsize.  Campaigners unsuccessfully argued that it breached their human rights of disable people who are unable to share rooms for health reasons.

 

Recruitment

Research by the Higher Education Statistics agency shows that nearly a fifth of graduates are jobless or in unsalaried or low-paid posts six months after leaving university.

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